London-based REIT Capital & Regional has granted additional time for Praxis Group and NewRiver REIT to submit formal takeover bids.
Both companies have expressed interest in acquiring the firm, valued at approximately £154.7 mln (€180.9 mln).
The extended deadline for the bids is 12 September.
Capital & Regional requested the extension to continue negotiations with both Praxis and NewRiver, and the UK Takeover Panel has approved the request.
Each revised deadline may be extended further at the request of the Capital & Regional board and with the consent of the Takeover Panel.
The deadline will cease to apply if either potential bidder (or any third party) has announced a firm intention to make an offer for Capital & Regional.
Capital & Regional has become a target for multiple takeover attempts this year. Praxis Group, a private company specializing in UK shopping centers, entered the bidding race in July. Prior to that, NewRiver REIT had expressed interest in May, proposing a takeover to Capital & Regional’s majority shareholder, Growthpoint Properties.
Another potential buyer, Vukile Property Fund, withdrew its bid in May, leaving NewRiver as the sole contender for a brief period.
Capital & Regional owns and operates shopping centers in key locations across the UK, including Edinburgh, Hemel Hempstead, Ilford, Maidstone, Walthamstow, and Wood Green.
Construction of the first phase of the residential development in Walthamstow is nearing completion. This phase will introduce 495 BTR apartments across two towers, significantly expanding the shopping center’s customer base when it opens in 2025. Capital & Regional plans to develop the remaining phases, comprising approximately 4,645 m2 of retail space and 43 apartments.
